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- 13.
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similar to the C.T.A. would allow for growth and the
U.S. Government would be prepared to live with this
situation.
26.
Mr. Jordan said there was no evidence to
show that imports would continue to rise if the Vietnam
war was satisfactorily resolved and inflation curbed
Consequently there were not the dangers to which Mr.
Nehmer had referred earlier. He recalled that when
the market had turned down in 1967 imports declined
at a much faster rate than domestic production. Some
70% of the decline in growth in 1967 had been in imports
and only 30% in production.
27.
Mr. Nehmer said that it was necessary to
look behind the figures. The decline in imports in
1967 had been largely due to a decline in yarns and to
a lesser extent fabrics.
Imports of apparel had
continued to increase. Mr. Jordan said that looking
behind the figures he noted that U.S. production of
apparel had also increased in this period.
28.
With regard to paragraphs 3, 4 and 5 of the
H.K. Government's Note, Mr. Nehmer said he wished to
up-date the figures. The import/consumption ratio was
26% and in the first 8 months of 1969 total imports
had declined by 8.1%. This decline had been principally
in yarns ard tops which had declined by 26% in the
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